Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: form 3cd :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt :: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

CBDT has substituted Form 29B vide Notification No.80/2017
September, 12th 2017
     II         (i)                                                                                             7
                                          MINISTRY OF FINANCE
                                              (Department of Revenue)

                                  [CENTRAL BOARD OF DIRECT TAXES]
                                               NOTIFICATION
                                        New Delhi, the 18th August, 2017
                                                INCOME-TAX
G.S.R. 1028(E).--In exercise of the powers conferred by sub-section (4) of section 115JB read with section
295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following
rules further to amend the Income-tax Rules, 1962, namely;--
1.        (1) These rules may be called the Income-tax ( 22nd Amendment), Rules, 2017.
          (2) They shall come into force from the date of their publication in the official Gazette.
2.        In the Income-tax Rules, 1962, --
       (A) in rule 12, in sub-rule (2), in the proviso, after the words, figures and letters "section 115JB", the
words, figures and letters "section 115JC" shall be inserted;
          (B) in Appendix II, for the `Form No. 29B', the following Form shall be substituted, namely: -
                                                "FORM NO.29B
                                                 [See rule 40B]
Report under section 115JB of the Income-tax Act, 1961 for computing the book profits of the
company
1. I/We* have examined the accounts and records of (name and address of the assessee with PAN)
engaged in business of (nature of business) in order to arrive at the book profit during the year
ended on the 31st March,_______.
2. I/We*certify that the book profit has been computed in accordance with the provisions of this section.
The tax payable under section 115JB of the Income-tax Act in respect of the assessment year
(...............) is Rs.,       which has been determined on the basis of the details provided in
Annexure appended to this Form.
3. In my/our*opinion and to the best of my/our* knowledge and according to the explanations given to
me/us* the particulars given in the Annexure are true and correct.


      Place:
      Date:


                                                              (Signature and Stamp/Seal of the Accountant)
                                                              Name of the Signatory:
                                                              Full Address:
                                                              Membership No:

1. *Delete whichever is not applicable.
2. This report is to be given by a chartered accountant, within the meaning of the Chartered Accountants
Act, 1949 (38 of 1949), who holds a valid certificate of practice under sub-section (1) of section 6 of that
Act and is not a person referred to in clause (a) or clause (b) of the Explanation below sub-section (2) of
section 288.
3. Where any of the matter stated in this report is answered in the negative or with a qualification, the
report shall state the reasons therefor.
8                               THE GAZETTE OF INDIA : EXTRAORDINARY                          [PART II--SEC. 3(i)]


                                           ANNEXURE
                                         [See paragraph 2]
Details relating to the computation of Book Profits for the purposes of section 115JB of the Income-
tax Act, 1961

                                                   Part A
                                   General ­ Applicable to all the companies

Sl.   Particulars
No
1.    Name of the assessee.
2.    Address.
3.    Permanent Account Number.
4.    Assessment year.
5.    Financial year adopted by the company under the
      Companies Act, 2013 (18 of 2013).
6.    Total income of the company under the Act.
7.    Income-tax payable on total income.
8.    Whether statement of profit and loss is prepared in                              Yes / No
      accordance with the provisions of Schedule III to the
      Companies Act, 2013 (18 of 2013).
9.    Where the financial year referred to in Sl. No. 5 above is
      same as the relevant previous year, whether the statement of
      profit and loss referred to in Sl. No. 8 above has followed
      the same accounting policies, accounting standards for
      preparing the statement of profit and loss and the same
                                                                               Yes / No / Not Applicable
      method of rates for calculating depreciation as have been
      adopted for preparing accounts laid before the company at
      its annual general meeting? If not, the extent and nature of
      variation be specified (attach working separately, where
      required).
10.   Where the financial year referred to in Sl. No. 5 is not the
      same as the relevant previous year, whether the statement of
      profit and loss referred to in Sl. No. 8 above has followed
      the same accounting policies, accounting standards for
      preparing the statement of profit and loss and the same
      method of rates for calculating depreciation as have been                Yes / No / Not Applicable
      adopted for preparing accounts for the respective parts of the
      financial year laid or to be laid before the company at its
      annual general meeting? If not, the extent and nature of
      variation be specified (attach working separately, where
      required).
11.   Profit according to statement of profit and loss referred to in
      Sl. No. 8 above as adjusted by the amount or aggregate of
      amounts on account of variations referred to in Sl. No 9 or
      Sl. No. 10, as the case may be.
12.   Add: Amount or aggregate of amounts referred to in clauses
      (a) to (k) of Explanation 1 to sub-section (2) of this section
      (attach working separately, where required).
13.   Less: Amount or aggregate of amounts referred to in clauses
      (i) to (viii) of Explanation 1 of sub-section (2) of this section
      (attach working separately, where required).
14.   Add/(Less): Amount of adjustments as referred to in sub-
      section (2A) of this section where the financial statements of
      the company are drawn up in compliance with the Indian
      Accounting Standards specified in Annexure to the
      Companies (Indian Accounting Standards) Rules, 2015 for
      the previous year or any part thereof(amount from Sl. No 26
      of Part B).
15.   Add/(Less): Amount of adjustments as referred to in sub-
      II           (i)                                                                                      9
Sl.        Particulars
No
           section (2C) of this section where the financial statements of
           the company are drawn up in compliance with the Indian
           Accounting Standards specified in Annexure to the
           Companies (Indian Accounting Standards) Rules, 2015 for
           the previous year or any part thereof (amount from Sl. No 33
           of Part C).
16. Add/(Less): Amount or aggregate of the amounts referred to in the sub-clauses (B) to (E) of clause (iii) of Explanation to sub-section (2C) of this section for the previous year or any of the preceding previous years and relatable to such asset or investment retired, disposed, realised or otherwise transferred during the previous year (attach working separately, where required). 17. Add/(Less): Amount or aggregate of the amounts referred to in the sub-clause (F) of clause (iii) of Explanation to sub- section (2C) of this section for the previous year or any of the preceding previous years and relatable to such foreign operations is disposed or otherwise transferred during the previous year (attach working separately, where required). 18. Book profit as computed according to Explanation 1 given in sub-section (2) read with sub-sections (2A), (2B) and (2C) (total of Sl. No. 11 to 17). 19. 18.5 per cent of "book-profit" as computed in Sl. No. 18. 20. In case income-tax payable by the company referred to at Sl. No. 7 is less than 18.5 per cent of its book profits shown in Sl. No. 18, the amount of income-tax payable by the company would be 18.5 per cent of Sl. No. 18, i.e., as per Sl. No 19. Part B Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof] Sl. Particulars No 21. Year of convergence as defined in clause (i) of Explanation to sub-section (2C) of this section. 22. Convergence date. 23. Total amount credited to the other comprehensive income in the statement of profit and loss. 24. Total amount debited to the other comprehensive income in the statement of profit and loss. 25. Increase or decrease referred to in sub-section (2A) of this section (i) increase on account of amounts credited to other comprehensive income under the head "Items that will not be re-classified to profit or loss". (ii) decrease on account of amounts debited to other comprehensive income under the head "Items that will not be re-classified to profit or loss". (iii) increase on account of amounts or aggregate 10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II--SEC. 3(i)] of amounts debited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standard 10. (iv) decrease on account of amounts or aggregate of amounts credited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standard 10. (v) Sub-total [(i) ­(ii) + (iii) ­ (iv)] (vi) Increase or decrease on account of amount of revaluation surplus of assets included in item (i) or (ii) above. (vii) Increase or decrease on account of amount of gains or losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with Indian Accounting Standards 109 included in item (i) or (ii) above. (viii) Increase or decrease on account of amount or aggregate of the amounts referred to in the first proviso of sub-section (2A) of this section for the previous year or any of the preceding previous years and relatable to such asset or investment retired, disposed, realised or otherwise transferred during the previous year. 26 Total [ (v) to (viii)] (amount to be carried to Sl. No. 14 of Part A.). Part C Details of the amount required to be increased or decreased in accordance with sub-section (2C) of section 115JB [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof] [To be filled up for the year of convergence and each of the following four previous years only] Sl. Particulars No. 27. Year of convergence as defined in clause (i) of Explanation to sub-section (2C) of this section. 28. Convergence date. 29. Amount or the aggregate of the amounts adjusted in the other equity (including capital reserve and securities premium reserve). 30. To be increased or decreased by:- (i) amount or aggregate of amounts adjusted in Capital reserve. (ii) amount or aggregate of amounts adjusted in Securities premium reserve. (iii) amount or aggregate of amounts adjusted in the other comprehensive income on the convergence date which shall be subsequently reclassified to profit or loss. (iv) amount or aggregate of amounts adjusted in Revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting II (i) 11 Standards 38 adjusted on the convergence date. (v) gains or losses from investment in equity instruments designated at fair value through other comprehensive income in accordance with Indian Accounting Standards 109 adjusted on the convergence date. (vi) adjustments relating to items of property plant and equipment and intangible assets recorded at fair value as deemed cost in accordance with paragraphs D5 and D7 of the Indian Accounting Standards 101 on the convergence date. (vii) adjustments relating to investments in subsidiaries, joint ventures and associates recorded at fair value as deemed cost in accordance with paragraph D15 of the Indian Accounting Standard 101 on the convergence date. (viii) adjustments relating to cumulative translation differences of a foreign operation in accordance with paragraph D13 of the Indian Accounting Standard 101 on the convergence date. (ix) any other adjustment (to be specified). 31. Total [29 +/ (-) 30 (i) to (ix)]. 32. 1/5th of the Sl. No 31(amount to be carried to Sl. No. 15 of Part A). 33. Details of adjustment for transition amount. (i) Total transition amount. (ii) Amount or aggregate of amounts adjusted till immediately preceding year. (iii) Amounts adjusted in this year. (iv) Amount to be adjusted in the subsequent year(s).". [Notification No. 80/2017/F. No. 133/23/2015-TPL] PRAVIN RAWAL, Director (Tax Policy and Legislation) Note : The principal rules were published in the Gazette of India Extraordinary, part II, Section 3, Sub- section (ii), vide notification number S.O. 969(E), dated the, 26th March, 1962 and last amended vide notification number GSR No 891 (E) dated the 18.07.2017. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. ALOK Digitally signed by ALOK KUMAR KUMAR Date: 2017.08.21 12:21:57 +05'30'
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions